With a two-month COVID-19 lockdown coming to an end, the government of Shanghai announced on 29 May 2022 action plans to stimulate post-lockdown economic recovery. As part of the action plans, the Shanghai government has implemented enhanced refunds of unutilized input VAT (i.e., creditable input VAT in excess of output VAT) for Shanghai businesses.
Source: taxathand.com
Latest Posts in "China"
- China’s New VAT Refund Policy for Taxpayers Begins September 2025
- China Expands Consumption Tax to Include More Ultra-Luxury and New Energy Vehicles
- China Expands VAT Refunds for Tourists, Jilin Province Joins Scheme from September 2025
- China Introduces New VAT Refund Policy for End-of-Period Tax Credits Starting September 2025
- China’s Major VAT Credit Refund Policy Adjustments: What Businesses Need to Know